The case of the pensioners of Tara Mines is being reviewed by the Department of Social Protection spearheaded by Joan Burton, the Tanaiste and Minister. The said case is about the pensions being cut by 10%. The pensioners were hoping to meet with her last week together with the Deputy in the case but Burton refused the invitation. Instead she promised that she is going to take a look at the case for a review. The Deputy assigned requested the pensioners to send an appeal to the board of pension. According to Meath West TD, the case will also be discussed by the Committee for Social Protection. The employers will be given the chance to produce an actuarial certificate whenever they can. West also brought into light the fact that the pension fund is going north that if the actuarial certificate is presented a year from now then it would show that there would be no need for pensions to be cut.
A protest march was conducted in Navan which is joined by 250 people going to Tara Mines. A week after the march, Tara pensioners visited Dail. A representative from the pensioners, Tom Kelly, revealed that the funding covers 88% of the pension scheme. After an issue of underfunding with the pension scheme, the trustees responsible made a proposition that pensions must be deducted by 10% to offset. Kelly expressed his disapproval with the cut especially with pensioners who need the money the most especially in light of recent figures that revealed the fund balance in 2010 was €100 million and it increased to €175 million after four years. It is not only growing but has reached 88% of its funding.
A previous cut, 2.5%, was already implemented before and another 10% would be a big amount of reduction to the pensioners. The trustees give emphasis on their instruction to the pensioners to submit a proposal once the plan has proven to be underfunded. It was at 74% last August 2104. Failure to comply with this would mean a cut or other measures to be taken on the plan.